Baroda Finathon Challenge

The “Innovation” theme of the Finathon provides a unique opportunity to apply out of box thinking to create new age banking solutions using emerging technologies .You can use one of the below API options to develop solution/ application under “ Innovation” theme.

You may also use these API options to develop solutions for any other themes (Customer Acquisition, Customer Experience, Conversational Banking, Collections, Compliance & Operational Efficiency) mentioned subsequently in this section.

• Applications/ Solutions using Bank’s APIs
• Applications/ Solutions using Partner’s APIs
• Applications/ Solutions using Bank’s APIs & Partner’s APIs
• Applications/ Solutions using Bank’s, Partner and External APIs

Identify and reach prospective and profitable customers for retail loan and deposit products

• Bank needs to increase its retail loan portfolio, with special focus on home loan, car loan and personal loan. The challenge is to ‘identify’ and ‘reach out’ to the prospective customers with a high probability of conversion in short term and good credit standing.

• CASA deposits are low cost and more of it in bank balance sheet helps improve bottom line. The challenge is to ‘identify’ and ‘reach out’ to the potential high value CASA depositors

Leverage AI (Artificial Intelligence) & NLP (Natural Language Processing) technology to enhance customer experience

• Improvement in customer experience is a continuous journey. As Bank embarks on its new transformation journey, bank would like to leverage the latest technological tools to enhance customer experience. Challenge is to design products using AI & NLP technologies to create products/services for better customer experience

Build solutions leveraging technology for conversational banking use cases other than Contact Center Chat, Chabot, etc.

• Challenge is to design products/services using Conversational Banking for better customer experience at the branch. This should not include Customer Contact Chat, Chatbot etc

Improve collections and recovery from borrowers by using internal and external data and technology.

• There are mechanisms for recovery of dues from delinquent accounts and for monitoring the recovery. However, at times, there are cases when recovery is not as per schedule or even there is no recovery due to factors related to economy, industry/sector, geography, customer and account etc. The challenge is to identify accounts which today are ‘standard’ but may turn ‘bad’ in near to medium term due to any or combination of factors so that bank can take timely corrective actions

Build a digital KYC mechanism which is easy, secure, maintains history and can be shared consistently across entities within and outside the Bank

• KYC is a necessity both from business as well as regulatory imperatives. All organizations onboarding new customers need to complete KYC norms. Challenge is to leverage technology to complete KYC with minimum process steps and sharing of KYC details as-a-service among entities on commercial terms. This should be developed using Blockchain

Use of GPS, external data sources and analytics to build a solution for planning/ identification of right locations for opening new branches, digital kiosks, ATMs and for rationalization of existing network of branches, kiosks and ATMs.

• Bank needs to continuously increase its footprint across the nation and in overseas territories. While Bank has a defined process to identify the ideal location for new Branch, ATM or Kiosk, the process has lot of subjectivity and has scope for improvement based on data. Challenge is to find the best location at the best possible price. Given the technological tools available today, we should be able to use GPS and External Publicly Available Data to do the function.